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All Journal SRIWIJAYA INTERNATIONAL JOURNAL OF DYNAMIC ECONOMICS AND BUSINESS
Omoruyi Aigbovo
University of Benin, Benin City, Edo State, Nigeria
Economics, Econometrics & Finance

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Firm Life Cycle Stage and Dividend Payout of Listed Non-Financial Firms in Selected Sub-Saharan African Countries: A Sectoral Analysis Omoruyi Aigbovo; Ikavbo Esther Evbayiro-Osagie
SRIWIJAYA INTERNATIONAL JOURNAL OF DYNAMIC ECONOMICS AND BUSINESS SIJDEB, Vol. 5, No. 3, September 2021
Publisher : Faculty of Economics, Universitas Sriwijaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.29259/sijdeb.v5i3.207-228

Abstract

This study explored the sector-wise effect of firm life cycle stage on dividend payout of listed non-financial firms in three selected Sub-Saharan African countries that include; South Africa, Nigeria, and Kenya, utilizing the dynamic panel data regression technique - system generalized method of moments (system GMM) for the period 2007 to 2017. The outcomes of the empirical analysis revealed that the earned/contributed capital mix exerts a direct and significant effect on payout of dividend in seven out of the 10 subsectors analyzed while firm age exerts an inverse and significant effect on payout of dividend in six out of the 10 subsectors analyzed. The study recommended among others that stock market regulators in the selected Sub-Sahara Africa countries should consider the life cycle stage of the firms and the earned/contributed capital mix should be used in measuring the maturity of firms, thus payment of dividend by firms should be based on when its profitability and growth rate are expected to fall in future.
Corporate Governance Mechanisms and Dividend Payouts of Listed Non-Financial Firms: Evidence from Selected Sub-Saharan African Countries Omoruyi Aigbovo; Ikavbo Esther Evbayiro-Osagie
SRIWIJAYA INTERNATIONAL JOURNAL OF DYNAMIC ECONOMICS AND BUSINESS SIJDEB, Vol. 6, No. 3, September 2022
Publisher : Faculty of Economics, Universitas Sriwijaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.29259/sijdeb.v6i3.227-254

Abstract

This study examined the effects of corporate governance elements on the dividend distribution of listed corporations in the three Sub-Saharan African countries of South Africa, Nigeria, and Kenya. The inquiry used inferential statistics in the form of the system generalized method of moments (GMM). The findings show that corporate governance factors have a fundamental influence on dividend distribution in the three Sub-Saharan African countries. More specifically, board independence has a significant negative influence on dividend payout, but board size, board gender diversity, and management ownership all directly and materially affect the dividend payout of listed non-financial firms. The paper suggested that authorities in charge of regulation in the examined Sub-Sahara Africa nation’s securities exchange have to continually ensure that all firms comply stringently with the codes of corporate governance in other to limit market infractions and boost stakeholders’ confidence and thus stimulate more investment in their respective capital markets.
Corporate Governance Mechanisms and Dividend Payouts of Listed Non-Financial Firms: Evidence from Selected Sub-Saharan African Countries Omoruyi Aigbovo; Ikavbo Esther Evbayiro-Osagie
SRIWIJAYA INTERNATIONAL JOURNAL OF DYNAMIC ECONOMICS AND BUSINESS SIJDEB, Vol. 6, No. 3, September 2022
Publisher : Faculty of Economics, Universitas Sriwijaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.29259/sijdeb.v6i3.227-254

Abstract

This study examined the effects of corporate governance elements on the dividend distribution of listed corporations in the three Sub-Saharan African countries of South Africa, Nigeria, and Kenya. The inquiry used inferential statistics in the form of the system generalized method of moments (GMM). The findings show that corporate governance factors have a fundamental influence on dividend distribution in the three Sub-Saharan African countries. More specifically, board independence has a significant negative influence on dividend payout, but board size, board gender diversity, and management ownership all directly and materially affect the dividend payout of listed non-financial firms. The paper suggested that authorities in charge of regulation in the examined Sub-Sahara Africa nation's securities exchange have to continually ensure that all firms comply stringently with the codes of corporate governance in other to limit market infractions and boost stakeholders' confidence and thus stimulate more investment in their respective capital markets.
Co-Authors Ikavbo Esther Evbayiro-Osagie Ikavbo Esther Evbayiro-Osagie